BlackRock Advisors LLC increased its stake in Harris Corp. (NYSE:HRS) by 3.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 288,183 shares of the company’s stock after buying an additional 10,089 shares during the period. BlackRock Advisors LLC owned about 0.23% of Harris Corp. worth $24,046,000 as of its most recent filing with the SEC.
Several other hedge funds also recently made changes to their positions in the company. Wellington Management Group LLP increased its stake in Harris Corp. by 220.2% in the first quarter. Wellington Management Group LLP now owns 2,107,804 shares of the company’s stock worth $164,114,000 after buying an additional 1,449,604 shares in the last quarter. Norges Bank acquired a new stake in Harris Corp. during the fourth quarter worth about $111,292,000. Strs Ohio increased its stake in Harris Corp. by 3,941.8% in the second quarter. Strs Ohio now owns 640,783 shares of the company’s stock worth $53,466,000 after buying an additional 624,929 shares in the last quarter. Deprince Race & Zollo Inc. acquired a new stake in Harris Corp. during the second quarter worth about $29,783,000. Finally, Vanguard Group Inc. increased its stake in Harris Corp. by 3.0% in the second quarter. Vanguard Group Inc. now owns 12,122,934 shares of the company’s stock worth $1,011,538,000 after buying an additional 349,719 shares in the last quarter. 88.92% of the stock is owned by institutional investors and hedge funds.
Harris Corp. (NYSE:HRS) opened at 90.81 on Friday. The firm has a market capitalization of $11.28 billion, a PE ratio of 35.17 and a beta of 1.30. The company’s 50-day moving average is $90.85 and its 200-day moving average is $82.96. Harris Corp. has a 52-week low of $70.10 and a 52-week high of $94.09.
Harris Corp. (NYSE:HRS) last posted its quarterly earnings data on Tuesday, August 2nd. The company reported $1.45 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.44 by $0.01. Harris Corp. had a net margin of 4.34% and a return on equity of 21.77%. The business earned $1.90 billion during the quarter, compared to the consensus estimate of $1.94 billion. During the same quarter last year, the company posted $1.32 earnings per share. The firm’s quarterly revenue was up 24.0% compared to the same quarter last year. Analysts forecast that Harris Corp. will post $5.78 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 21st. Stockholders of record on Friday, September 9th were paid a $0.53 dividend. This is an increase from Harris Corp.’s previous quarterly dividend of $0.50. The ex-dividend date of this dividend was Wednesday, September 7th. This represents a $2.12 annualized dividend and a dividend yield of 2.33%. Harris Corp.’s dividend payout ratio (DPR) is presently 82.49%.
A number of analysts have issued reports on HRS shares. Citigroup Inc. started coverage on shares of Harris Corp. in a report on Friday, June 10th. They issued a “buy” rating and a $95.00 price objective for the company. Drexel Hamilton reissued a “buy” rating on shares of Harris Corp. in a report on Friday, June 17th. Zacks Investment Research downgraded shares of Harris Corp. from a “hold” rating to a “sell” rating in a report on Monday, July 18th. Jefferies Group reaffirmed a “buy” rating and set a $100.00 price target (up previously from $95.00) on shares of Harris Corp. in a report on Wednesday, August 3rd. Finally, JPMorgan Chase & Co. set a $93.00 price target on shares of Harris Corp. and gave the stock a “buy” rating in a report on Wednesday, August 3rd. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Harris Corp. currently has an average rating of “Buy” and a consensus price target of $98.29.
In other news, SVP Scott T. Mikuen sold 9,400 shares of Harris Corp. stock in a transaction dated Tuesday, August 2nd. The shares were sold at an average price of $88.00, for a total value of $827,200.00. Following the completion of the transaction, the senior vice president now owns 49,277 shares in the company, valued at $4,336,376. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider William H. Gattle sold 1,366 shares of Harris Corp. stock in a transaction dated Tuesday, September 6th. The stock was sold at an average price of $93.75, for a total transaction of $128,062.50. Following the completion of the transaction, the insider now owns 4,851 shares of the company’s stock, valued at approximately $454,781.25. The disclosure for this sale can be found here. 1.71% of the stock is currently owned by insiders.
Harris Corp. Company Profile
Harris Corporation (Harris) together with its subsidiaries is engaged in providing technology-based solutions to government and commercial customers. As of July 3, 2015, the Company operated through four business segments: RF Communications, Government Communications Systems, Integrated Network Solutions and Exelis.
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